Fannie Mae Preferred S (FNMAS)

[mhill_fin]

Yep, it's happening just like Bronte predicted almost 9 years ago:
http://brontecapital.blogspot.com/2009/08/modelling-fannie-mae-and-freddie-mac_19.html

If the GSEs can repay their debt to the government – and I think that they can – then the common stock in both companies has value. That is a non-consensus view. However the real value is in the preferred securities...The return on the preference shares is substantially better than any possible return on the common stock.

You can make up a bunch of hairbrained scenarios where all of DC is happy to make it rain upon the common stock. Or follow what the smart money is doing. It's up to you.